By Charles Joseph | Editor, Financial Affairs
There’s a growing consensus amongst so-called financial experts that Bitcoin is not a sustainable investment and its price will eventually crash.
Unfortunately, the recent price collapse (from $69k to $19k) is giving credence to this belief.
Some of these folks believe that Bitcoin will go to zero because:
- It’s not backed by anything tangible.
- There’s no central authority that controls it so no one can guarantee its value.
- Its price is based purely on speculation.
- It’s very volatile.
They believe that Bitcoin is a bubble that will eventually burst. When this happens, the price of Bitcoin will plummet and it’ll become worthless.
2 Reasons Why Bitcoin Investors Should Care About Public Opinion
- Sentiment drives the market. Investing in Bitcoin can be controversial, and it’s helpful to know what other people think before making important financial decisions.
- To better understand the market. By understanding how other people feel about Bitcoin, investors can get a better sense of the market and where it’s likely going.
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Famous people who believe Bitcoin will fail are:
- Warren Buffett
- Bill Gates
- Peter Schiff
Why Bitcoin Is Going to Zero (Video)
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